SB2568 EngrossedLRB103 31865 RJT 60508 b

1    AN ACT concerning education.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The School Code is amended by adding Section
522-100 as follows:
 
6    (105 ILCS 5/22-100 new)
7    Sec. 22-100. Retirement savings plans; requirements.
8    (a) This Section applies to contracts entered into,
9extended, or renewed on or after the effective date of this
10amendatory Act of the 103rd General Assembly.
11    (b) A school district that offers to the school district's
12employees a retirement savings plan under Section 403(b) of
13the Internal Revenue Code of 1986, as amended, may enter into a
14contract with only one vendor to administer the plan. A vendor
15shall be selected, with the approval of the employees'
16exclusive bargaining representative, if any, through a
17competitive bidding process. If there is more than one
18exclusive bargaining representative for the employees to whom
19the plan will be offered, the vendor shall be selected with the
20approval of a committee of the exclusive bargaining
21representatives through a competitive bidding process.
22    (c) A school district may enter into a contract with a
23vendor under this Section for no more than 7 years.

 

 

SB2568 Engrossed- 2 -LRB103 31865 RJT 60508 b

1    (d) If, on the effective date of this amendatory Act of the
2103rd General Assembly, a school district has a contract with
3a vendor to administer a retirement savings plan under Section
4403(b) of the Internal Revenue Code of 1986, as amended, the
5school district shall, by no later than July 1, 2026, begin the
6competitive bidding process established in subsection (b). The
7renewal or extension of a contract with a vendor to administer
8a retirement savings plan under Section 403(b) of the Internal
9Revenue Code of 1986, as amended, that is in effect on the
10effective date of this amendatory Act of the 103rd General
11Assembly is subject to the competitive bidding process and
12requirements under subsection (b).